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MoFo Reenforcement The Enforcement Blog

CFPB Facilitates CARES Act Payments to Individuals

Posted in CFPB, Regulatory Developments

On April 13, 2020, the Consumer Financial Protection Bureau issued an interpretive rule to provide guidance to government agencies, including the U.S. Department of the Treasury, to make COVID-19-related relief payments to individuals, including the economic impact payments authorized in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

According to a press release, the CFPB is loosening its existing rules to make it easier to provide EIPs and other government pandemic-relief payments via prepaid account to individuals without access to direct deposit.

Read our client alert.